LIV Golf has never been short on headlines. One minute, the league is boasting about its fast pace of play, Brooks Koepka is reaffirming his commitment, and everything seems to be running smoothly. But then—boom—the financial reality pops up. For all the flashy marketing and deep pockets of the Saudi Public Investment Fund (PIF), the numbers tell a different story. It’s easy to assume LIV is making greens in millions, especially with those eye-watering player contracts. But it’s not quite simple.
Recent financial disclosures paint a troubling picture. The tour’s operating losses skyrocketed to $394 million in 2023, a $150 million increase from the previous year. With PIF’s investment now nearing $5 billion, the question on everyone’s mind is: how sustainable is this?
Yet, in the midst of these financial woes, one event stands out as LIV’s shining light—LIV Golf Adelaide.
LIV Golf Adelaide is keeping the league afloat
For all of LIV Golf’s struggles, Adelaide has been a rare, undeniable success. While the league as a whole has fought to gain traction, Australia accounted for 45% of LIV’s total revenue in 2023—almost single-handedly keeping the ship afloat.
The numbers don’t lie: The 2023 Adelaide event pumped $65 million into South Australia’s economy. Over 77,076 fans attended, with 40% traveling from outside the state. “South Australia knows how to put on a show, and we look forward to seeing The Grange Golf Club set yet another elevated benchmark for the league as we raise the bar even higher in 2024,” Greg Noman said. The 2024 edition was even bigger, contributing $71 million to the local economy.
And it’s only getting bigger. The 2025 Adelaide event shattered records, with over 100,000 fans attending over three days, making it the most successful LIV event yet. The demand was off the charts—over 90,000 tickets were sold in advance, with international visitors making up a significant chunk of the crowd.
Compared to other LIV stops—where ticket sales have been pretty underwhelming—it’s no wonder Adelaide has become the league’s lifeline. LIV has had a tough time gaining traction in the U.S., but in Australia, it’s a different story. With few high-profile pro events in the region and LIV’s party-like vibe, it’s the perfect recipe for success. And then there’s the Watering Hole—LIV’s version of TPC Scottsdale’s wild 16th hole. In 2023, Chase Koepka’s hole-in-one set off a beer-throwing frenzy that went instantly viral. This year, Patrick Reed kept the tradition alive, only adding to Adelaide’s reputation as LIV’s rowdiest, most electric stop.
#ELECTRIC ACE — PATRICK REED HOLE-IN-ONE ON THE WATERING HOLE AT LIV GOLF ADELAIDE
(Via: @LIVRandONIONS)
— NUCLR GOLF (@NUCLRGOLF) February 14, 2025
Even South Australian Premier Peter Malinauskas has been vocal about the tournament’s impact, calling it an economic and tourism game-changer. “There are two reasons. One, because Australian golf wasn’t getting the recognition it deserves from investors from the rest of the world,” Malinauskas explained.
“The second reason is the LIV product itself. Beyond the superstars, the feel walking around a LIV event is unique. It’s a bit different, and it accords with the egalitarian nature of Australia; that idea that things should be accessible, slightly more relaxed, taking the golf seriously but not taking each other too seriously, not taking ourselves too seriously. That is part of who we are.”
LIV not expanding in Australia, baffling?
Given Adelaide’s success, it’s baffling that LIV hasn’t added a second Australian event. If Australia is the only place where LIV is thriving, why not capitalize on it? Instead, the league continues to pour resources into markets that haven’t shown the same enthusiasm. LIV’s U.S. events have struggled to draw big crowds, and financial losses are piling up. Expanding in Australia—where the demand is clearly strong—seems like the obvious move.
We agree that LIV Golf might have significant backing, but to be honest, even the wealth of the PIF isn’t limitless. The league can’t afford to burn hundreds of millions in operating losses every year without a solid plan to turn things around.
Adelaide has proven that LIV can succeed—if it leans into the right markets. Whether the league makes the smart play and expands where it’s actually wanted remains to be seen. But one thing is certain: without more success stories like Adelaide, LIV Golf’s long-term future looks increasingly uncertain. What do you think, should LIV double down on Australia to survive? Let us know in the comments!
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